Jack Welch Biography
John Francis Welch commonly known as John Welch was born on November 19, 1935.He is an American business executive, author, and chemical engineer, he was chairman and CEO of General Electric between 1981 and 2001.
Jack Welch Age
He is currently 83 years old since he was born on November 19, 1935 as of 2019
Jack Welch Height and Weight
Will be updated soon.
Jack Welch Net Worth
He has an estimated net worth of Welch’s net worth was estimated at $720 million which he earned from his salary.
Jack Welch Education
He attended Salem High School and was a talented athlete. He loved playing sports like baseball, football and hockey and was consumed by a great drive to win.
He went to the University of Massachusetts from where he graduated with a Bachelor of Science degree in chemical engineering in 1957.He then enrolled at the University of Illinois from where he earned a Master’s degree and a PhD in chemical engineering in 1960.
Jack Welch family
He is the the son of Grace a homemaker, and John Francis Welch a Boston & Maine Railroad conductor.
Jack Welch Career
He joined General Electric in 1960 as a junior chemical engineer in the plastics division. He worked diligently for a year and was hoping for a big raise. When he got a raise of less than what he had expected, he was disappointed and planned to quit. He was persuaded to stay by an executive, Reuben Gutoff, and reluctantly agreed. An incident that happened in 1963 almost cost him the job. There was an explosion at a factory building under his management and he was almost fired for that, he continued working for GE and was made the vice president and head of GE’s entire plastics division in 1968.In 1971, Welch also became the vice president of GE’s metallurgical and chemical divisions. In 1973, he was appointed as the head of strategic planning for GE. He held this position for the next six years, managing a $2 billion portfolio of businesses.
He served as the CEO and chairman of the company for 20 years from 1981 till his retirement in 2001. The company’s value rose 4000% during his tenure and he was recognised as one of the greatest ever business leaders in the US.Welch is also an author who has written several books on management and leadership, including the 2005 bestseller, ‘Winning’ which he co-wrote with his third wife, Suzy.
Jack Welch Wife
Welch had four children with his first wife, Carolyn,they divorced amicably in April 1987 after 28 years of marriage. He married for the second time in 1989. His second wife Jane Beasley was a former mergers and acquisitions lawyer they later divorced in 2003. While Welch had crafted a prenuptial agreement, Beasley insisted on a ten year time limit to its applicability and thus she was able to leave the marriage reportedly with around $180 million.He married Suzy in 2004 and is currently married to her.
Jack Welch Management institute
In 2009, Welch founded the Jack Welch Management Institute, a program at Chancellor University that offered an online executive MBA. The institute was acquired by Strayer University in 2011. The program has also been named one of the Top 25 Online MBA Programs two years in a row 2017 & and 2018 by the Princeton Review for its excellence in five areas of selection criteria academics, selectivity, faculty, technical platforms, and career outcomes.Its goal is not to make money, but to build over time focusing on the quality of the program and increasing the number of students enrolled year after year.
Jack Welch Books
- Straight From the Gut 2001
- Winning 2005
- what makes a leader 2006
- Winning the answers: confirming 75 of the Toughest questions 2006
- When Runnning Was Young and So Were We 2014
- UP from Ashes 2015
Jack Welch Quotes
- “Management is all about managing in the short term, while developing the plans for the long term. Jack Welch.”
- “You can’t grow long-term if you can’t eat short-term. Anybody can manage short. Anybody can manage long. Balancing those two things is what management is.”
- “Globalization has changed us into a company that searches the world, not just to sell or to source, but to find intellectual capital – the world’s best talents and greatest ideas.”
- “If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don’t have to manage them.”
- “There’s no such thing as work-life balance. There are work-life choices, and you make them, and they have consequences.”
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When Jack Welch turned the keys of the General Electric Co. over to Jeff Immelt in 2001, GE was a well-run and greatly admired profit machine, stocked with exceptional management talent and innovative practices.Over the next 16 years, while Immelt held the top job, he completely demolished the House that Jack Built. Curiously, some now ask, what blame, if any, does Welch share in the disaster?The only mistake Welch made was in picking the weakest of three potential successors. It is, surely, the biggest management error of Welch’s career.
Much has already been made of the more than $175 billion of acquisitions made by Immelt, none of which hit the jackpot, many of which were disasters. Imagine buying one of the country’s largest subprime mortgage companies in 2004, or acquiring a coal-fired, steam turbine business for more than $12 billion in 2015 when it was clear you were buying dying technology.
It was Immelt, too, who bought back more than $100 billion of GE shares at a cost that was well above current stock prices. And it was Immelt who kept paying shareholders’ dividends when GE could no longer afford them.Within Welch’s GE, there was an accepted belief that GE Capital, the company’s highly successful financial arm, should never exceed 40 percent of GE’s profits or revenues. This was thought to be a delicate balance, the ideal level to enhance the industrial businesses and to retain the company’s once pristine Triple-A credit rating. Undaunted, Immelt grew it to 55 percent of the company’s portfolio, just at the onset of the Great Recession, ignoring this long-held belief. It didn’t work all that well.
Immelt was more of an outside CEO, eager to play public statesman in Washington, advising President Barack Obama, giving speeches and collecting awards, and not enough like Jack Welch, who was a roll-up-your-sleeves CEO who reveled in operational details, asked the hard questions, cultivated deep engagement with his leadership team, and never suffered fools gladly.